JSE picks DataBP for new cloud marketplace

The Johannesburg Stock Exchange (JSE) has taken a significant step forward in modernizing its data offerings with the launch of a cloud-based marketplace. This transformative platform, developed in partnership with New York-based IT firm DataBP, aims to revolutionize how clients engage with JSE data. In a recent interview on CNBC Africa, Barbara Arnold, Head of Market Data at the JSE, provided valuable insights into the new marketplace and its implications for clients. Barbara highlighted the shift from traditional direct connections for data access to a more streamlined online experience through the cloud marketplace. Clients can now browse, select, and purchase data products like stock exchange news with ease, all within the digital environment. This move marks a crucial evolution from on-premises data delivery to the cloud, enhancing accessibility and performance for users. One of the key points discussed was the phased approach to migration and product introduction. Barbara explained that the first products went live on the marketplace in August, including stock exchange news in live streaming and end-of-day formats. The JSE plans to expand its offerings to include end-of-day equity products by the end of Q4, with future considerations for streaming equity data tailored for specific use cases like market data and risk management. Additionally, the marketplace is poised to host third-party data and analytical services, opening up avenues for collaboration with alternate data providers. This iterative project aims to integrate complementary data categories such as ESG information and facilitate technical fulfillment for external entities seeking cloud-based solutions through the JSE. In terms of the partnership with DataBP, Barbara emphasized the value of working with a specialized provider that brings existing capabilities to the table, minimizing the need for extensive bespoke development. While the costs of the partnership were not disclosed, the inherent efficiencies of collaboration with a FinTech like DataBP contribute to cost-effectiveness and operational agility in deploying the new marketplace. Looking ahead, the JSE envisions a diverse range of products under the marketplace umbrella, leveraging cloud infrastructure from Azure and exploring additional possibilities with AWS. Barbara outlined plans to introduce Ultdata and collaborate with third-party providers like BigXYT for specialized statistical products and ESG systems that simplify ESG filings for clients. As the JSE embarks on a comprehensive digital transformation journey, the cloud marketplace stands as a testament to the exchange's commitment to innovation and enhanced client experiences. With redundancy measures in place to mitigate technical glitches, the JSE aims to ensure seamless access and reliable performance for users across its evolving data ecosystem. In conclusion, the JSE's foray into cloud-based data delivery through the marketplace underscores a strategic shift towards modernization and expanded service offerings. The synergy between the JSE and DataBP heralds a new era of digital accessibility and efficiency, setting the stage for a dynamic and progressive data landscape in the financial market.